A panel of industry experts has this morning expressed fears about the hidden costs for consumers of using robo-advisers.

A new robo-adviser has launched today claiming it can offer a service “at a fraction of the cost of a financial adviser or wealth manager”.

More than four in ten IFAs (43%) are considering using robo-advisory services to provide a cost effective solution for smaller clients.

Nine new robo-advisers are being developed with guidance from the FCA, it emerged this morning.